right of first refusal
 
 

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right of first refusal

This is a discussion on right of first refusal within the Horse Law forums, part of the Horse Resources category
  • Is a horse buy back agreement legally binding
  • First refusal when selling horses

 
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    03-15-2010, 12:37 AM
  #1
Foal
right of first refusal

I purchased a horse with a right of first refusal in the contract. It stated that I had to send a certified letter to the previous owner and that they had 7 days to respond. No one was home when the letter arrived and it is now sitting at the post office. What if they don't pick it up? Does anyone know my responsibility then?
Thanks for any help,
Vickie
     
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    03-15-2010, 12:13 PM
  #2
Showing
I'm a little confused.

Are you trying to sell the horse now, or are you trying to purchase an animal from someone who said that you have to give the previous owner first right of refusal?

If you're planning to sell the horse and decided that you'd honor the first right of refusal clause, which BTW legally you don't have to, then you've done your due diligence by sending the certified letter.

First rights of refusal aren't legally binding, even if they're in a contract. Once you've paid money for something, it becomes yours to do with as you wish. First rights of refusal notifications fall under moral obligations, not legal ones.

You're in the clear, and may proceed as planned.
     
    03-15-2010, 12:18 PM
  #3
Banned
I agree with SR.
     
    03-15-2010, 02:21 PM
  #4
Foal
I am thinking of selling the horse so am honoring the right of first refusal by sending them the certified letter and giving them a chance to purchase him back. I was just wondering how obligated I was to make sure they receive the letter. Thanks for sharing that I'm not legally obligated and even though I do want to give them the chance to buy him back I don't want to have to keep pursuing them if they don't pick the letter up or don't respond.
Thank-you so much for the reply.
Vickie
     
    03-15-2010, 03:05 PM
  #5
Banned
I think mailing it was all your were obligated to.

I would assume since you mailed it requiring a signature notice was left at their house that the letter is waiting for them at the post office. Now it is up to them to pick it up. Nothing more you can do.
     
    03-15-2010, 03:56 PM
  #6
Green Broke
Why don't you also call them as a courtesy
     

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